Spraying Of Naira Notes – Is The CBN Contradicting Itself?

Is the Central Bank of Nigeria (CBN) contracting itself over what is supposed to be its official stance on the spraying of Naira notes at social events?

This will appear to be the case, given contradicting viewpoints by the apex bank on the same matter within a relatively short interval.

Recall that the CBN, last month, condemned the rate at which Nigerians mutilate, deface, squeeze and even spray and sell the naira notes, threatening a penalty of not less than six months or a fine of not less than N50,000 or both for those who continue in the act.

An Assistant Director at the Currency Operations Department, Aladeen Badajo had said this during the commencement of a CBN two-day sensitisation fair held in Abeokuta.

The issue was reportedly widely in the Nigerian media, as Badejo during his presentation, had urged the people to consider Nigeria’s currency as a symbol of national identity.

 “Abuse of the currency attracts a penalty of not less than six months or a fine of not less than N50,000 or both.”

Also, the CBN spokesman, Isaac Okorafor, had in a statement, had reiterated that defaulters would be jailed for not less than six months and would be given the option of a N50,000 fine if found spraying the naira notes.

“If a celebrant is dancing and you spray him/her, you may go to jail from the party venue, because the law enforcement agents will be there, waiting to arrest you.

“The law enforcement agencies must catch offenders and take them to court. Our (CBN) collaboration with the police will intensify as we move to implement the mobile court for offenders,” Mr Okorafor had said in a statement afterwards.

However, during an interaction session with the organised labour in Calabar, Cross River state at the weekend, the CBN  Acting Director, Corporate Communications, Osita Nwanisobi stated otherwise.

Nwanisobi who  represented CBN Governor Godwin Emefiele, said the apex bank was not empowered to enforce sanctions concerning spraying of naira notes.

“CBN is not a law enforcement agency. But we completely frown at such an attitude where the national currency is not accorded its due respect as other nationals do their currencies”, he was quoted by Daily Trust as saying.

He also warned seriously against mishandling, defacing, rough-treating the Naira, saying the federal government spends much to print it, and the cost is usually borne by the people in the long run.

“We have churned out an array of economic intervention programmes aimed at impacting the economic well-being of the people.

“We want Nigerians, including smallholder farmers, petty traders, entrepreneurs and industrialists to key-in to these programmes instead of staying aloof to doubt.

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“We particularly encourage the return to agro-allied businesses instead of all depending on oil. The question now, is: is the CBN not contracting itself?